The Federal Reserve has released data on consumer debt for August, and for the 11th month in a row we’ve paid down credit card debt and increased savings. Take that, rate-hiking credit card companies!
Revolving credit debt, mostly through credit cards with balances that are not paid off immediately, dropped by an annual rate of 13.1 percent in August to $899.4 billion, the Federal Reserve reported.
Indeed, the personal savings rate climbed to 4.2 percent in July, according to government data, up from the near-zero levels of just a few years ago.
“Consumers Keep Paying Off Credit Cards, Building Up Savings” [Washington Post]